Hindenburg-Adani-SEBI; A new report by American short seller firm Hindenburg Research has been released.
Madhabi Puri Buch
A new report by American short seller firm Hindenburg Research has been released. Serious allegations have been made against SEBI Chairman Madhavi Puri-Buch. It has been revealed from this report that she is also involved in Adani’s stock market scam.
NEW FROM US:
Whistleblower Documents Reveal SEBI’s Chairperson Had Stake In Obscure Offshore Entities Used In Adani Money Siphoning Scandalhttps://t.co/3ULOLxxhkU
— Hindenburg Research (@HindenburgRes) August 10, 2024
What exactly is disclosure?
A report released by Hindenburg Research on August 10 said, “SEBI chairperson Madhabi Puri and her husband Dhaval Buch had stakes in both the offshore funds used in Adani’s money laundering scandal.”
What does the Hidenburg Research report say?
In the latest report of Hindenburg Research, it has been almost 18 months since we submitted our report on Adani Group. In this we disclosed a large nexus of shell companies mainly based in Mauritius. These companies used dubious billions of dollars for undisclosed transactions, investments and stock manipulation. SEBI did not take any action against the Adani Group despite its report providing evidence of this scam and independent investigations by more than 40 media organizations. On the contrary, on 27th June 2024 SEBI itself had sent us a show cause notice.
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The report further stated that current SEBI chairperson Madhavi Puri and her husband Dhaval Buch had hidden stakes in Bermuda and Mauritius funds. It was used by Vinod Adani. According to the Jagalya documents, it appears that Madhbi Puri and her husband Dhaval Butch had opened an account in Singapore on June 5, 2015 in IPE Plus Fund 1. In this, the source of their investment is shown as their salary. Also, the total wealth of this couple is 10 million dollars.
The report further states that the Offshore Mauritius Fund was set up by a director of Adani through India Infoline. It is also recorded in the Tax Haven Mauritius Fund. Now the same fund is being used which was used by Gautam Adani’s brother Vinod Adani.
Key Allegations
• SEBI Inaction: Hindenburg alleges that despite providing evidence of the Adani Group’s alleged financial misconduct and independent investigations corroborating their findings, SEBI has failed to take action. Instead, the regulator issued a show cause notice to Hindenburg itself.
• Conflict of Interest: The report claims that Puri-Buch and her husband held shares in offshore funds linked to Vinod Adani, brother of Gautam Adani. These funds were allegedly used in the Adani Group’s alleged money laundering scheme.
• Dubious Investments: Hindenburg alleges that the couple’s investment in these funds was disproportionate to their income, raising questions about the source of their funds.
Implications
If proven, these allegations could have far-reaching consequences for the Indian financial market and the credibility of SEBI. It raises serious questions about the independence of the regulator and its role in overseeing the stock market.
Note: These are allegations made by Hindenburg Research and have not been proven in a court of law. The SEBI Chairperson has not yet responded to these claims.
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